North Carolina Down Payment Support Programs

Payments Gateway - These systems would be the deposit Assistance System along with the Mortgage Credit Certificate.

You also purchase a house between January 1, 2009 and December 1, 2009 and if you qualify for one of the plans, you might also qualify for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.

First, who's a first-time Home Buyer? A First Time Home Buyer is someone who has not owned a home in the previous three years. It is the same qualifying definition.

What is a Mortgage Credit Certificate and Who Qualifies?

A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with moderate and low incomes. All home owners can claim an itemized deduction. The MCC takes this a step farther. An MCC “reduces your tax liability according to a percentage of the mortgage interest which you pay.

You'll be able to claim 20% of the interest you pay on your own mortgage as a credit on your federal income taxes, should you are eligible for the MCC. You can save as much as .

If you do qualify for the MCC, for 2009, you will find a way to unite this with the $8,000 tax credit. This may reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Who qualifies for an MCC is based on your income along with the price of the property you are purchasing. Household income means the “gross income of the mortgagor and any individual expected to live in the residence who's 18 years of age or older.”

House price limits that apply in Durham, Orange and Chatham Counties and the income are given below.

MCC Income Limits 1 Man $61,500 2 Men $61,500 3 Men $70,500 4 Men $70,500

MCC Sales Cost Limits New Dwelling $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The purchaser only has to pay $1,000 of their own funds and the load would pay around .

This plan has more rigorous income limits than the MCC plan outlined above. Like the MCC program, it might be used in conjunction with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment assistance, however, cannot be employed along with the MCC. This really is an either or scenario.

The income and house price limitations that apply in Durham Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Men $45,650 3 Individuals $51,350 4 Individuals $57,050

Down Payment Support Sales Price Limits New House $210,000 Existing Residence $210,000